Tesla To Freeze Hiring, Lay Off Employees Next Quarter

Feb 1, 2023Updated May 20, 20251 min read

Another wave of layoffs are coming at electric-car maker Tesla Inc in the next quarter, news website Electrek reported on Wednesday, citing a source familiar with the matter.

Tesla is also going to freeze hiring, according to the report. The company did not immediately respond to a Reuters request for comment.

Shares of Tesla rose 1% to $139.25 in trading before the bell.

The reported move comes at a time when Tesla investors have raised concerns over Chief Executive Elon Musk’s distraction with managing Twitter, the social media platform he bought for $44 billion in October.

Moreover, Tesla analysts have also cut their price targets on the stock worried that weakness in demand from China will weigh on the EV maker’s deliveries next year.

Musk in June said Tesla would reduce its salaried workforce by roughly 10% over the next three months.

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Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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